Wearable Tremor Therapy Market 2023 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: LS231020 | Research Suite: Report (PDF) & Market Data (Excel)
The wearable tremor therapy market was worth USD 59.3
billion in 2022 and is expected to grow at a CAGR of 28.2% during the forecast
period.
Wearable tremor therapy devices are designed to help people
with tremors, such as those caused by Parkinson's disease or essential tremor.
These devices can be worn on the body, such as a smartwatch, glove, or
specialized band. They use sensors and feedback mechanisms to reduce tremors or
improve the quality of life.
Advancements in wearable technology, government initiatives
and support, and increasing awareness of the importance of these devices are
driving the growth of the market. Clinical awareness and education are also
contributing to the market's growth.
Impact
of Covid-19
COVID-19 disrupted the global supply chain, which brought a
slowdown in the market due to the lack of essential components and required
goods. The impact of the pandemic on this market was multifaceted, affecting
both supply and demand. Lockdowns, restrictions on international travel, and
factory closures affected the production and distribution of these devices.
Clinical trials and research activities related to wearable tremor therapy
devices were often delayed due to the need for social distancing and
restrictions on in-person interactions. During the pandemic, there was a
significant increase in telehealth and remote patient monitoring and
adjustments to treatments. Despite the challenges, there was a growing
awareness of wearable tremor therapy solutions as potential tools for at-home
care, which could drive market growth in the long term. Regulatory agencies
adapted to the unique circumstances of the pandemic, potentially expediting
approvals for some medical devices, including those in the wearable tremor
therapy market.
Growth
Drivers
The market is experiencing significant growth due to various
driving factors. These include the hectic lifestyles of individuals, the rising
prevalence of tremor-related diseases, advancements in wearable technologies, a
shift towards patient-centered care, integration of technology in healthcare,
clinical validation emphasizing quality of life improvement, increased
awareness and education, ongoing research and development efforts, the rise of
telemedicine and remote monitoring, as well as government initiatives and
support.
The surge in conditions like essential tremor and
Parkinson's disease has propelled the demand for wearable tremor therapy
solutions. Continuous enhancements in sensor technology, along with
miniaturization and improved data processing capabilities, have paved the way
for more efficient and user-friendly wearable tremor therapy devices. This form
of therapy presents an appealing alternative for individuals seeking drug-free
approaches to managing tremors.
With the global population aging, there's an escalating need
to address age-related movement disorders. The transition towards
patient-centric care, coupled with today's fast-paced lifestyles, has amplified
the necessity for this form of therapy.
Research and clinical studies continue to provide compelling
evidence of the effectiveness of wearable tremor therapy devices. Companies
investing in research and development within the wearable tremor therapy market
have introduced a range of new and enhanced solutions. The growing number of
individuals grappling with chronic conditions has generated a heightened
interest in wearable tremor therapy devices, offering individuals greater
control over their treatment.
Furthermore, the increased awareness surrounding the
availability of wearable tremor therapy solutions has led to a surge in their
adoption and acceptance among patients. This positive trend signals a growing
recognition of the benefits that these devices can bring to those dealing with
tremor-related conditions.
Segmentation
Tremor
type
·
Essential tremor
·
Parkinson tremor
·
Other movement disorders
Technology
·
Gyroscopes
·
Accelerometers
·
Combination of Sensors
Device
type
·
Wrist worn
·
Glove based
·
Other type
Price
Range
·
Affordability
·
Budget-friendly
·
More premium
Effectiveness
·
Clinical
·
Symptom reduction
·
Management and tracking features
Distribution
Channel
·
Medical professional
·
Sales
·
Specialized Clinics
Wearable
Tremor Therapy Market Diseases Type Segmentation
On the basis of type of disease, the wearable tremor therapy
market is segmented into Essential Tremor, Parkinson Tremor, and other movement
disorders. Among these, Parkinson’s diseases accounted for the leading segment
in 2022. Wearable tremor therapy devices are designed to help individuals
manage Parkinson disease. It helps in managing their tremors and improves their
quality of life. These devices can also be used by individuals with essential
tremor, a neurological condition that causes involuntary shaking and trembling
of the hands, heads, or other body parts. Some wearable devices are designed to
assist individuals with multiple sclerosis who may experience tremors as one of
their symptoms.
Wearable
Tremor Therapy Market Distribution Channel type Segmentation
On the basis of distribution channel segmentation, the
market is classified into medical professionals, sales, and specialized
clinics. Many wearable tremor therapy devices can be purchased online through
e-commerce platforms. Customers can order these products directly from the
manufacturer’s website, online marketplaces, or specialized medical equipment
websites. Some wearable tremor therapy devices are available through
brick-and-mortar pharmacies, medical supply stores, and healthcare equipment
retailers. In some cases, wearable tremor therapy devices are obtained directly
from medical centers or hospitals.
Wearable
Tremor Therapy Market Brands or Manufacturers Segmentation
On the basis of market brands, this market is bifurcated
into branded products and new entrants in the market. Branded products are the
leading segment. Rising awareness among people about using branded products is
increasing the growth of the market.
Regional
Outlook
·
Asia Pacific
·
North America
·
South America
·
Europe
·
Oceania
·
Middle-East and Africa
Regional
Outlook
On the basis of the regions, the tremor therapy market is
segmented into six regions: Asia Pacific, Europe, North America, South America,
the Middle East, Africa, and Oceania. North America was a significant market,
the United States in particular. The region had a strong focus on medical
technology and a high prevalence of conditions like essential tremor and
Parkinson’s disease, which drove the adoption of these devices. The
Asia-Pacific region is showing significant growth due to rapidly increasing
populations, increasing urbanization and industrialization, an increasing
number of aging people, and rising disposable income. Japan and South Korea
showed potential for market growth in this region. Several European countries,
such as the U.K., Germany, and France, also showed promise in the wearable
tremor therapy market due to their advanced healthcare systems and aging
populations. The adoption of wearable tremor therapy devices was relatively
lower in other regions, but market expansion efforts were ongoing in various
countries.
Key
Players
·
Gyrogear
·
Phynet Medical
·
Biosensics
·
Medtronic
·
Lift Labs
·
Fujitsu Laboratories
·
Steadiwear
·
Thalmic labs
·
Innovative Neurological Devices
·
Abbott Laboratories
· Other Players